Did you miss your last estimated quarterly payment? If so, it can result in non-deductible penalties. To avoid these, make sure to use IRS Direct Pay or EFTPS—both secure and convenient methods.
Key Points to Keep in Mind
- Due Dates: For the 2024 tax year, payments are due on April 15, June 17, and September 16, 2024, and January 15, 2025. For the 2025 tax year, the deadlines are April 15, June 16, and September 15, 2025, and January 15, 2026.
- Avoid Penalties: Pay at least 90% of your current year’s tax or 100% of last year’s tax (110% if your prior-year adjusted gross income exceeds $150,000).
- Exceptions: If your income varies throughout the year, you can use the annualized income method to align your payments with your earnings.
- Catch-Up Payments: If you miss a payment, catching up can stop further penalties from accruing, though it won’t erase any penalties already assessed.
By staying on top of these deadlines and requirements, you can minimize the risk of penalties and keep your tax obligations in check. If you have any questions, contact us at [email protected]. We’d love to help!